05 Mar - 2019
Help to Help previously lost the equivalent of a full-time education for an East African nurse due to the monthly administrative costs of expired or lost cards and card details. Help to Help is now making its aid assistance more effective with help from Trustly
Stockholm, Sweden, 5 March 2019 – Trustly, whose online bank payments are growing in popularity across Europe, has launched a partnership with the Help to Help Foundation to make the administration of monthly payments more effective with Trustly Direct Debit. The service digitizes recurring payments and simplifies the management of donations from monthly donors, which saves both time and money — money that instead can go to those in need.
Help to Help works to finance higher education and makes aid assistance more transparent and personal through crowdfunding. Through education, more young people in East Africa can begin to work and can create long-term change for themselves, their families and communities. Until recently, it had received most of its monthly donors' contributions via card payments. However, due to lost or expired payment cards, Help to Help was forced to spend large resources on administration and as much as 70 percent of donations were impossible to collect in the beginning of 2018, according to Help to Help’s own calculations.
“We regularly lost about 2 to 3 percent of the donors each month, during a three-year period, due to problems regarding card information. When we started, payment cards were the only reasonable option, and we felt that the conventional system for digital automatic payments was far too complicated for the users — until we found Trustly,” says Malin Cronqvist, Founder and Manager of Help to Help.
Help to Help can now offer their monthly donors the option to pay using Trustly's recurring payments solution. As a result, the organization has been able to save thousands of Swedish kronor per month.
“Anyone who works with, or contributes to, aid organizations wants as much of the assistance as possible to benefit the recipient. Our direct bank payments are created for the digital world and are very fast, simple and secure method for online payments. When administration is minimized, more money ends up where it should. It feels very good that Trustly can contribute to make a difference in their important work,” says Sara Berg, Chief Operating Officer at Trustly.
Since the launch of the partnership, 91 percent of the monthly donors have already chosen to use Trustly for their monthly donations. This suggests a high potential for digitizing and automating payments, which can be an easy way for aid organizations to streamline their administration and ensure that an even larger part of the contributions go to actual help.
“If we had continued to only use payment cards for monthly donors, we would have failed to collect an income corresponding to at least one person's college education in East Africa, every month. Now we make sure that come to use instead,” says Cronqvist.
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Founded in 2008, Trustly Group AB is a Swedish FinTech company that makes online banking e-payments fast, simple and secure. The company offers cross-border payments to and from consumer bank accounts at over 3,300 banks in 29 European markets and connects businesses and consumers within e-commerce, travel, gaming and financial services. In 2017 and 2018, the Financial Times ranked Trustly as one of the fastest growing companies in Europe on the FT1000 list and the London Stock Exchange recognized Trustly as one of Europe’s most inspiring, fast-growing companies.
Trustly has 280 employees and is headquartered in Stockholm, Sweden, with regional offices in Finland, Spain, Malta, Germany and the UK. Trustly is a licensed Payment Institution under the supervision of the Swedish Financial Supervisory Authority, with a license to provide payment services within the EU/EEA since 2010 which subsequently was reauthorized under 2018 under PSD2. Trustly is a licensed Payment Institution in accordance with the second payment services directive (PSD2) and is entitled to provide among others payment initiation services. Trustly is under the supervision of the Swedish Financial Supervisory Authority. Read more at www.trustly.com
About Help to Help
The Help to Help fundraising foundation mainly works with providing scholarships for college education to young people in East Africa through crowdfunding and with connecting students to the local business community. In this way, more young people join working life and get an opportunity to create a long-term change. The Help to Help fundraising foundation has a 90-account. Read more at www.helptohelp.se
Trustly Group AB (corporate identity number 556754-8655) is an authorized Swedish payment institution under the supervision of the Swedish Financial Supervisory Authority (Finansinspektionen). The company conducts payment services in accordance with the Payment Services Act (2010:751) and can provide cross-border payment services within the EU/EEA.